Get more from your bank account

Where you keep your money counts

A bank account is something you use virtually every day of your life. Whether you're just starting out or have had the same account for decades, it makes sense to take a look at how you bank – and what it's costing you.

We’re all looking for ways to save, which should include where our money is kept and how we access it. Electronic banking has dramatically changed how people manage their finances. Does your current account reflect that? Are you paying for features you don't need? Or paying too much for features you do? Here are some tips to help you determine whether you're getting the most from your bank account.

An account that matches your banking style

Take a look at how you are banking. Have your habits or circumstances changed? For example, are you paying mostly with debit card or through an app? You may find a different account may be a better fit, one that offers unlimited transactions instead of charging per debit transaction. By adjusting your account, you could save over the long term.

Count up your accounts

Like many people, you may have several bank accounts, perhaps at multiple financial institutions. Are you using all of them? Do you need all of them? You could be paying monthly fees on a chequing account you’re not using. You may even be paying taxes on interest earned in a savings account that could be converted into a TFSA. It might make sense to consolidate your accounts.

Maintain your minimum balance

While most bank accounts providing unlimited transactions carry a monthly package fee, if you maintain a minimum balance in your account this fee may be waived. Particularly in times when interest rates are low, banking fee-free can represent a much better return on the $5,000 or $9,000 typically required as a minimum balance.

For example, maintaining a $5,000 minimum monthly balance in BlueShore’s Unlimited Chequing account nets you $168 in annual savings; maintaining a $9,000 minimum balance in our Premium Chequing account provides saves you $300 in package fees and covers the annual fee of a World or World Elite credit card (additional savings of $99-$120).

Avoid expensive NSF fees

Many people set up pre-authorized payments from their account to pay for regular monthly expenses, such as phone, internet, insurance, or hydro. While convenient, you might overlook the cash in your account and the timing of a bill payment. Just one NSF (non-sufficient funds) charge can cost you a lot and hurt your credit rating.

Check into overdraft protection. It costs nothing to have it on stand-by and kicks in only when you need it. In the event of a shortfall, overdraft protection ensures your payments are made, seamlessly. You're only charged interest on the amount required for as long as it was needed.

Bank online

With ready access over the internet or through a mobile app, you can bank whenever and wherever you wish. Paying bills online and setting up pre-authorized payments, transfers, and deposits can save a lot of time – and money. Having your salary directly deposited is also convenient and dependable – we even pay you to do this, reducing your service charges.

Be ATM smart

Do you frequently stop by ATMs to grab small amounts of cash? If you bank with BlueShore, go ding-free with one of over 5,000 surcharge-free ATMs on THE EXCHANGE® or ACCULINK® networks across Canada. Do note, though, that banking transaction fees may apply, depending on your account features.

Need cash but no ATM close by? Consider asking for cash back when using your debit card at a retailer if they offer that service. And of course, use our Mobile Banking app so you can always find the “ding free” ATM location nearest you (available in the Apple^® and Google Play™ stores).

Pay off your credit cards

Interest rates on most cards are very high and calculated on the day payment is due. So make sure that you pay them off monthly and on time. Don't wait for the due date to pay your bill or you’ll get dinged on interest charges.

Consider setting up a pre-authorized debit payment to automatically pay your credit card's minimum payment due or the new monthly balance total. If you do not have credit card debt and have spending under control, consider using your rewards credit card for daily purchases. The points you rack up can typically be used for a wide range of merchandise, travel, cash back, and other perks.

Save on U.S. travel

If you frequently cross the border for business or pleasure, a U.S. savings account lets you access funds without worrying about fluctuating exchange rates. Purchase your currency when the exchange rate is favorable, and make worry-free withdrawals as your travels require.

Explore BlueShore's line of chequing accounts for an option that best suits your needs.